Published by Global Banking & Finance Review®
Posted on November 4, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleDe Nora aims for a water tech acquisition, boosting profit margins to 19% with strong earnings growth.
By Francesca Landini and Laura Contemori
MILAN (Reuters) -Italy's Industrie De Nora is exploring options to grow its water technology business and may announce an acquisition by year-end, its chief executive said on Tuesday after the electrochemical group reported nine-month results.
"We have concrete (M&A) projects and hope to be able to announce something by the end of this year," De Nora's Paolo Dellacha told Reuters.
De Nora, a global leader in industrial electrodes, also supplies equipment and solutions for water disinfection and filtration.
The group reported a 15.9% year-on-year increase in adjusted earnings before interest, taxes, depreciation and amortisation, which reached 124 million euros ($145 million), driven by a strong performance in its water technology business.
The company raised its full-year core profit margin guidance to around 19%, up from a previous forecast of 17–18%.
The improved outlook on profitability sent De Nora's shares soaring more than 19%, before closing with a 17% gain on the Milan stock exchange.
On the operational front, De Nora expects to complete delivery of electrolysers to Sweden's troubled green steel startup Stegra by year-end, Dellacha said, and he expressed confidence in receiving payment.
"For us, the project will be completed, invoiced, and paid for in a month and a half," he told Reuters, noting that the payment will come via Germany's Nucera.
De Nora also completed delivery of electrolyser components in August for the NEOM green hydrogen project in Saudi Arabia.
($1 = 0.8575 euros)
(Reporting by Laura Contemori in Gdansk; Editing by Milla Nissi-Prussak and Gavin Jones)
Profit margin is a financial metric that indicates the percentage of revenue that exceeds the costs of goods sold. It reflects a company's profitability and efficiency.
Electrolysers are devices that use electricity to split water into hydrogen and oxygen. They are crucial in producing green hydrogen for various industrial applications.
Water technology encompasses various processes and systems designed to manage, treat, and distribute water efficiently, ensuring safe and sustainable water supply.
An acquisition is a corporate action in which one company purchases most or all of another company's shares to take control of that company.
Adjusted EBITDA is a measure of a company's overall financial performance, excluding certain non-recurring items, providing a clearer view of operational profitability.
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